In Australia this video may not be copied, distributed or passed on, directly or indirectly, to any person without the express consent of BNPP AMAU. This video is made available exclusively for Australian ‘wholesale clients’ for general information and illustrative purposes only. It does not constitute financial product advice, nor an offer to issue or a recommendation to acquire any financial product.

BNPP AMAU have not considered the financial objectives, situation or needs of any person in issuing this video. Opinions included in this video constitute the judgment of the author at the time specified and may be subject to change without notice. The author is not obliged to update or alter the information or opinions contained within this video. Investors should consult their own legal and tax advisors in respect of legal, accounting, domicile and tax advice prior to investing in the financial instrument(s) in order to make an independent determination of the suitability and consequences of an investment therein, if permitted. Please note that different types of investments, if contained within this video, involve varying degrees of risk and there can be no assurance that any specific investment may either be suitable, appropriate or profitable for an investor’s investment portfolio.

Given the economic and market risks, there can be no assurance that the financial instrument(s) will achieve its/their investment objectives. Returns may be affected by, amongst other things, investment strategies or objectives of the financial instrument(s) and material market and economic conditions, including interest rates, market terms and general market conditions. The different strategies applied to financial instruments may have a significant effect on the results presented in this video. Past performance is not a guide to future performance and the value of the investments in financial instrument(s) may go down as well as up. Investors may not get back the amount they originally invested.